supplies modules, components and foundry services to communications companies. The company offers different radio frequency (RF) and other intermediate frequency products that address three markets: handsets, networks and military systems.
For fourth quarter of 2010, net revenue was $253.4 million, up 31.1% from $193.3 million in the year-ago quarter. Gross margin stood at 37.4%, up 160 basis points year-over-year, while operating margin increased 520 basis points to 14.7%. Subsequently, net income surged to $42.5 million or 25 cents per share from $17.5 million or 11 cents per share.
Full year 2010 revenue surged 34.3% to reach an all-time record $878.7 million, largely driven by the upsurge in revenue from the mobile devices market due to higher WCDMA and WLAN product revenue. Revenue from network products increased too, because of higher sales volume across all its markets. Overall, total revenue has more than doubled from 2006 levels, thereby elevating net income to $190.8 million or $1.17 per share, compared to $16.2 million or 11 cents per share in 2009. The company had a strong cash balance of $192.5 million, up 86% year-over-year.
As of Dec. 2010, the order backlog was $266.1 million compared to $125.2 million a year ago. During Dec. 2010, Samsung selected TriQuint's complete 3G RF front-end solution for its Samsung Galaxy Tab and its flagship smartphone series Galaxy S.
Going forward, the company expects first quarter 2011 revenue in the range of $215-$225 million, representing 22% year-over-year growth. Net income is estimated between 14-16 cents per share. Moreover, full-year revenue is forecast to grow by 20%.
Of the 12 analysts covering the stock, 58% recommend a buy and the remaining ratea hold. There are no sell ratings on the stock. On average, analysts estimate 34.6% upside to $16.30 in value from current levels. The stock gained 66.1% during the past one year and is currently trading at a P/E of 9.8